Costs of turning former Frost HQ into city offices now tops $140 million
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View of the new Frost Bank Tower and the original Frost headquarters, now known as City Tower.Kin Man Hui /Staff photographer
The city’s estimated price tag for buying and transforming Frost Bank’s old headquarters downtown into offices for employees has swelled to just over $140 million, an increase of 52 percent.
Officials now anticipate spending $88.1 million on renovations, up from the $41.5 million estimate stemming from a 2015 deal involving the city, the bank and local developer Weston Urban.
The total budget for moving 1,400 employees and 24 departments into the building at Houston and Flores streets now stands at $140.99 million, up from the $92.5 million estimated in 2015. The cost of acquiring the building also has risen, by nearly $2 million to $52.9 million.